March 21, 2024 (MLN): The domestic bullion surged on Thursday, with the price of 24-karat gold gaining Rs4,600 to Rs232,400 per tola after the Federal Reserve signaled it remains on track for three interest-rate cuts this year.
The Karachi Sarafa Association reported that the price of 24-karat gold reached Rs199,245 per 10-gram, reflecting an increase of Rs3,943.
Similarly, the price of 22-karat gold rose and was quoted at Rs182,642 per 10-gram.
Moreover, silver prices also increased in Pakistan, with 24-karat silver being sold at Rs2,600 per tola and Rs2,229.08 per 10-gram, depicting a rise of Rs20 per tola and Rs17.15 per 10-gram.
On the global front, international spot gold jumped above $2,200 an ounce for the first time after last night's US Fed decision and dovish Jerome Powell.
Yesterday, the US Federal Reserve left interest rates unchanged at 5.25%-5.5%. Federal Reserve officials, however, maintained their outlook for three quarter-point rate cuts this year.
The yellow metal rose as much as 1.6% to $2,220.89 an ounce in early trading, before paring some of those gains. It still held above $2,220.
